The price of bitcoin, the largest cryptocurrency by market value, topped $ 62,000 on Friday after news that the Securities and Exchange Commission would clear the first exchange-traded fund linked to bitcoin.
Bitcoin extended its rally over the weekend, currently trading at around $ 61,285, according to Coin Metrics.
That, along with other news, with Jamie Dimon calling bitcoin “worthless” and Coinbase announcing plans to launch an NFT, or non-fungible token, platform dominated last week. Here are seven key things that happened in crypto.
1. Jamie Dimon says bitcoin is “worthless”
But, “I don’t want to be a spokesperson – I don’t care. It doesn’t make any difference to me,” he continued. âOur customers are adults. They don’t agree. That’s what makes the markets. So if they want to have access to buy bitcoin, we can’t keep it but we can give it to them. legitimate access, as clean as possible. “
This is not a new position for Dimon. Recently he says Axios CEO Jim VandeHei says bitcoin has “no intrinsic value”. And although he thinks bitcoin will be in the long run, “I always thought it would become illegal somewhere, as China made it illegal, so I think that’s a bit of the or fools. “
Dimon also told VandeHei that he believed that “the regulators are going to regulate all of this.”
2. Coinbase launches marketplace for NFTs
Coinbase released a new policy proposal on Thursday, claiming that the United States is expected to create a new regulator for digital asset markets.
The company said it wanted a “clear and comprehensive approach to regulating digital assets,” adding that the United States was already “behind” other governments.
Coinbase shared its proposal a day after one of its investors, venture capital firm Andreessen Horowitz, posted his own thoughts on how blockchain and digital assets should be regulated.
For more information on Coinbase’s policy proposal, see CNBC’s breakdown.
Tether, the largest stablecoin issuer, agreed to pay a $ 41 million fine from the Commodity Futures Trading Commission on Friday. Stable coins like Tether’s token, called USDT, are cryptocurrencies that are supposed to be pegged or backed by a have reserve, like gold or the US dollar.
But in a Release, the Commodity Futures Trading Commission accused Tether of making “false or misleading statements and omitting material facts” when it said that each of its tokens is backed by an equivalent amount in US dollars.
In May, Tether broke the reserves of its stablecoin and revealed that only 2.9% was in cash. This has heightened fears that the Tether issuer does not have enough reserves to justify its peg to the dollar.
Bitfinex, a cryptocurrency exchange and sister company of Tether, was also fined $ 1.5 million after the Commodity Futures Trading Commission accused it of making “illegal” transactions and ‘operate as a futures exchange without registering.
6. Jack Dorsey Says Square Could Build Bitcoin Mining System
Dorsey said mining, which involves solving complex mathematical problems to earn cryptocurrency like bitcoin, should be more distributed, efficient and accessible, rather than focused on a few companies.
âMining bitcoin should be as easy as plugging a platform into a power source,â Dorsey tweeted.
This is not a surprising decision for Dorsey, who has supported bitcoin both personally and professionally on several occasions in the past. In August, Dorsey even said he was “trying to mine” bitcoin himself.